Offshore maintenance, inspection, lifting and rope access company Axiom NDT has been acquired by Inverness-based Global Energy Group for an undisclosed sum after being placed in administration.
Axiom NDT, with operations in Aberdeen and Glasgow and a workforce of 17, was said to have failed in attempts to raise additional investment after being hit by cashflow problems following a “significant bad debt” on a customer contract last year
Global chairman Roy MacGregor said last night the business was a “welcome addition” to the group’s “increasing portfolio.”
With its head office at Burnbank Business Units, in Altens, Axiom was founded in 1985 by managing director Craig Donnelly and generated annual turnover of more than £4million. In addition to its staff, the firm was said to have “utilised the services of a further 25 sub-contractors.”
Michelle Elliot and Stuart Robb, of Leonard Curtis Business Rescue and Recovery, were appointed joint administrators on Friday.
Ms Elliot said: “Despite exhaustive actions by the company’s director to increase sales, reduce costs and attract new investment, the business was unable to continue trading. Unfortunately, a going concern sale of the business was not possible.”
It is not yet clear how many of Axiom’s staff will transfer to Global following the quick sale.
Global chief operating officer Ian Cobban said: “Axiom are a well-known and respected company and in hearing about their trading difficulties we moved quickly to secure the purchase of their assets following their administration.”
Mr Cobban added: “We are excited that through this acquisition we will further be able to offer highly specialist services to our customers and the marketplace.
“It is unfortunate that we were unable to purchase the business of Axiom as a going concern, however, we will now work hard to ensure that Axiom’s long-established client base can be fully supported by Global Energy Group from our facility in Aberdeen.”